Why it matters to you and your community.
But, how small is small?
The definition of a small business varies drastically depending on which organization, group, or government agency you ask. Generally, though (and the SBA leaves lots of wiggle room), it is an independently-owned business with fewer than 500 employees that earns less than $1 million per year in combined revenue and sales, Fundera. In the U.S., there are 28 million small businesses. And, “small biz” makes up the vast majority (99.7%) of America’s total number of businesses. It is said that the United States’ economy couldn’t survive without small businesses.
But, what exactly do these small businesses look like?
According to the Small Business Administration, small biz is broken down size-wise by industry. And, size and revenue ranges can vary widely when the different industries are taken into account. The SBA’s answer varies by industry, so a small business maxes out at 1,500 employees and a maximum of $38.5 million in average annual receipts. At that level of revenue, make sure you have business insurance.
Okay, that’s enough of confusing definitions!
Supporting small businesses, why does it matter?
– Improves the local economy.
When you buy local, significantly more of that money stays in the community. In fact, one Chicago study found that for every $100 spent at a local business, $68 remained in the city.
– Does less harm to the environment
59.3% of local, independent makers say they occasionally or usually use recycled materials, and 7% say they always use these materials. Saves gas: you probably live closer to a small business than a big chain store.
– Keeps your community unique
Local businesses give a community its flavor. The combined presence of your town’s many local businesses makes it different from every other city in the world. Support a small business, and make a new, unique friend.
They’re authentic, they’re original, & they care. — Helena Barquet and Fabiana Faria.
Co-founders of a New York-based small business talking about small businesses
Here’s a few worthy Lubbock, Texas, small businesses:
– Cactus Theater – www.cactustheater.com
– Janis Rothwell – www.janisrothwell.com
– J’s Creamery – www.jscreamery.com
– FastSigns Lubbock – www.fastsigns.com/132-lubbock-tx
– Hettler Lubbock Insurance Agency – www.hettlerinsurance.com/
How to support Local small businesses without spending a dime:
- Read their social posts
- Like or love their posts
- Comment on their posts
- Save/share their posts
A friendly reminder: We’ve done our research, but you should, too! Check our sources against your own, and always exercise sound judgment.
“Small Business Definition | What Is a Small Business?” Salesforce.Com, www.salesforce.com/solutions/small-business-solutions/resources/what-is-a-small-business. Accessed 5 Jan. 2021.
Rampton, John. “6 Benefits for You and Your Community From Supporting Local Entrepreneurs.” Entrepreneur, 17 Apr. 2015, www.entrepreneur.com/article/244839.
Straut, Nicolas. “13 Essential Local Business Statistics.” Fundera, 8 Sept. 2020, www.fundera.com/blog/local-business-statistics.
Haber, David. “43 Reasons You Should Support Small And Independent Businesses.” Forbes, 8 July 2020, www.forbes.com/sites/groupthink/2016/12/01/43-reasons-you-should-support-small-and-independent-businesses/?sh=4e8a9d827007.
Infographic, Small Business Support Social Good Matters To Your Community | Hettler Lubbock Insurance Texas